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And following a series of energy deals with Central Asian countries, Chinese leaders are now seeking to foster ties with more energy talks—this time with the Mongolian prime minister. The aim—to feed China's growing energy demand. Here's more.
Chinese leaders met with Mongolian Prime Minister Sukhbaatar Batbold for more energy talks to satisfy China's growing energy demand.
The Mongolian Prime Minister arrived in Beijing on Wednesday for his three-day visit. His aim is to clinch major mining deals and to export coal to his energy-hungry neighbor.
Batbold met with chairman of the Standing Committee of the Chinese Communist Party, Wu Bangguo to discuss coal-mining ventures.
Mongolia's six billion ton Tavan Tolgoi mine in the South Gobi region holds the world's biggest untapped coking coal deposit. This deposits—estimated to be about 60 billion tons—are sufficient to meet China's import needs for more than a century.
China, other global investment banks, and mining corporations all want a share of Mongolia's coal deposits.
But, Mongolia is cautious of being too dependent. Its plan is to build transport routes to export coal through the Russian port of Vladivostok to take pricing power away from China.
Batbold is scheduled to meet with his Chinese counterpart, Wen Jiabao today.